subodh bhandari new plan
Post on 09-Jan-2016
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SUBODH BHANDARI DEVELOPMENT OFFICER
BRANCH - BHINMALDIVISION - JODHPURZONE - NORTHERN
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OBJECTIVE OF NEW PLAN
THIS PLAN IS MOSTLY USEFUL FOR THE CELEBRITIES AND HIGH INCOME SEGMENT.
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TARGETED GROUP
DOCTORSCHARTED ACCOUNTANTSENGINEERSINDUSTRIALISTSBIG BUSINESSMEN ALL PROFESSIONALS HAVING HIGH INCOME AND WHO NEEDS HIGH RISK FOR LONGER PERIOD.
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SUGGESTED NAME OF PLAN
JEEVAN SAFAL (WITH GUARANTEED ADDITION) Tkhou lQy
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TYPE OF POLICY
HIGH RISK INSURANCE PLAN
NON LINKED PLAN
CONVENTIONAL PLAN
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PLAN FEATURES
AGEMINIMUM 18 YEARMAXIMUM 55 YEAR
TERM MINIMUM 10 YEARMAXIMUM 40 YEAR
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PLAN FEATURES
SUM ASSUREDMINIMUM 1O LACMAXIMUM ANY
PREMIUMMINIMUM 25000MAXIMUM ANY
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PLAN FEATURES
MODE YLY HLY
MEDICAL BY TPA ONLY
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PLAN FEATURES
RISK - BASIC RISK DOUBLE THE S.A. + GUARANTEED ADDITIONA. B. - YESTERM RIDER- YES (SINGLE)PWB. - NOCIR - NO
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BENEFITS
S. B. PAYMENT - NO
PARTIAL WITHDRAWL - YESAFTER 20 YEARS WITHOUT ANY DEDUCTIONS
MATURITY - YESAFTER 20 YEARS
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BENEFITSDEATH BENEFIT - YES DOUBLE THE BASIC S. A. + G.A. + T.R PAID UP VALUE - YESAFTER 3 YEARS SURRENDER VALUE - YES AFTER 3 YEARSLOAN AFTER 3 YEARS @ 10% P.A.
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OTHER OVERALL OBSERVATIONS
PLAN IS DESIGN TO TAP THE HIGHER INCOME GROUP HIGH RISK PLAN FOR A LONGER PERIODDEMAND OF GUARANTEED ADDITION POLICIESFLEXIBALE MATURITY
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TARGET SEGMENTS
HIGHER INCOME GROUP ONLYPROFESSIONALS CELEBRITIES
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EXAMPLE OF JEEVAN SAFAL
AGE 30 YEARSS A 10 LACTERM - 40 YEARSPREMIUM - 30,400/- YLYRISK NORMAL - 20 LAC + G.A + TR (IF TAKEN)ACCIDENTAL - 30 LAC + G.A + TR (IF TAKEN)
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EXAMPLE OF JEEVAN SAFAL
MATURITY BENEFITSUM ASSURED RS. 10,00,000/-G.A. (187.65 x SA x TERM) RS. 75,06,000/-TOTAL MATURITY RS. 85,06,000/-IRR = 8% PA
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JEEVAN SAFAL EXAMPLE ON DIFF. TERM AGE 30
TERMPREMIUMS.A(LAC)RISK S.A.(LAC) TOTAL PREMIM PAIDBONUSMATURITYBONUS RATE IRR%157039010 20+GA1055850595000159500039.675.00205254410 20+GA1050880932000193200046.605.75254323010 20+GA10807501515000251500060.606.2530377501020+GA11325002640000364000088.006.7535322901020+GA113015040550005055000115.867.2540304001020+GA121600075060008506000187.658.00
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SERVICE IMPROVEMENTSUGGESTIONS - CASH COUNTER SHOULD BE OPEN IN TWO SHIFTS IN ALL BRANCHES i.e. FROM 9 AM TO 3 PM AND 3 PM TO 9 PMIF THIS CAN NOT BE PUT INTO ACTION IMMEDIATELY THAN AT FIRST, IT SHOULD BE START IN CENTRALY LOCATED BRANCH IN EACH CITY / TOWN
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SERVICE IMPROVEMENTFOR EXAMPLE IN INDIAN RAILWAYS BOOKING SERVICES LIKE E-TICKET, IRCTC, BOOKING AGENTS, ETC. ARE 24X7 AVAIABLE FOR TICKET AND RESERVATION TO CUSTOMERSSIMILARLY LIC SHOULD ALSO PUT MORE EFFORTS
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SERVICE IMPROVEMENT
SINGLE WINDOW INFORMATION AND SERVICES SYSTEM (S.W.I.S.) SHOULD BE IMPLEMENTED IN ALL THE BRANCHESPOLICY TO BE DISPATCHED DAILY
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THANK YOU SUBODH BHANDARI
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